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    sanbon's Avatar
    sanbon Posts: 1, Reputation: 1
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    #1

    Dec 25, 2012, 10:25 AM
    IRS Form 8938
    We're married living abroad for 10 years and file a joint income tax return. I have only bank accounts (Cetificate of Deposits). Since I don't know the IRS conversion rate for 2012, my foreign invest can be less or more than $400,000 when withdraw.

    I understand we have to file form 8938 if we own more than $400,000 on the last day of the tax year or more than $600,000 at any time during the tax year.

    However I'll withdraw the most of funds before the last day of the tax year 2012 since the CDs will mature. Also never $600,000 at any time during the tax year.

    Please advise me do I still need to file the form 8938?
    Thank you.
    Sincerely,
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Dec 25, 2012, 03:23 PM
    Even if you withdraw the $400,000, you have to put that money in some type of financial account, so you will have to wait until the conversion rate is published to determine if the form 8938 is needed.
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